The strategy: In 2023, U.S. Bank launched a nontraditional campaign to promote Asistente Inteligente, its bilingual Spanish voice assistant that debuted the prior year. The bank co-produced “Translators,” a documentary highlighting the challenges faced by millions of children who act as translators for their immigrant families, particularly in financial matters, per Storyboard 18. Our take: This campaign was a masterclass in purpose-driven marketing that doubles as a long-term business strategy. Many financial institutions (FIs) often overlook or superficially address underbanked and immigrant populations. But the GDP of US Latinos is the second-fastest-growing in the world, next to that of consumers in China, per think tank Latino Donor Collaborative. And 25% of US consumers ages 18 and under are part of the Latino community—offering smaller FIs an opportunity to combat their “age problem.”

Canada’s banking landscape is evolving, with digital account opening growth continuing to slow over the next four years. To capture what growth remains, banks must focus on delivering the most in-demand offerings.

Remittances represent a large share of global payments and will keep growing—although at a flat rate. Traditional money transfer organizations have to fight harder for a share of the prize as digital-only entrants have stepped up the competition.

To reach the overwhelmingly young, diverse, and growing population of Hispanic consumers in the US, advertisers must understand their media preferences.

Payments Ecosystem: Diminishing analog payment use—as well as the battle for share between entrenched electronic payment methods and emerging challengers—will intensify the battle for customer spending this year.